Index of tables
Debt capital markets
Akin Gump Strauss Hauer & Feld
- Arnold & Porter (UK) LLP
- Berwin Leighton Paisner LLP
Hogan Lovells International LLP
- Latham & Watkins LLP
- Mayer Brown International LLP
- Bingham McCutchen (London) LLP
- DLA Piper UK LLP
- Field Fisher Waterhouse LLP
- Gibson, Dunn & Crutcher LLP
- Greenberg Traurig Maher LLP
- Peter Allen - Freshfields Bruckhaus Deringer LLP
- David Bickerton - Clifford Chance
Scott Cameron -
- John Connolly - Clifford Chance
- Anna Delgado - Ashurst
- David Dunnigan - Clifford Chance
- Peter Epp - Herbert Smith LLP
- Francis Fitzherbert-Brockholes - White & Case LLP
- David Gottlieb - Cleary Gottlieb Steen & Hamilton LLP
- Matthew Hartley - Allen & Overy LLP
- Francis Kucera - Linklaters LLP
- Richard Levy - Linklaters LLP
- Tak Matsuda - Norton Rose LLP
- Stuart Matty - White & Case LLP
- Jonathan Melton - Allen & Overy LLP
- Stephen Miller - Allen & Overy LLP
- Sarah Murphy - Freshfields Bruckhaus Deringer LLP
Jeffrey Oakes -
Davis Polk & Wardwell LLP
- Steven Revell - Freshfields Bruckhaus Deringer LLP
- Andrew Roberts - Herbert Smith LLP
- Mark Trapnell - Freshfields Bruckhaus Deringer LLP
- Boyan Wells - Allen & Overy LLP
- Carson Welsh - Linklaters LLP
With ‘a hugely impressive DCM offering’ Allen & Overy LLP is ‘absolutely top class in all respects, particularly partner involvement’. Boyan Wells and the ‘calm, unflappable’ Matthew Hartley are ‘experts in their field’. Diana Billik, who advised the lead managers on Türkiye Garanti Bankasi’s $500m and $350m dual tranche offering, is ‘commercial and practically minded’. Stephen Miller, who heads the financial institution DCM practice, has ‘a wealth of experience’. Also of note are Max Aaron, for sovereign issues; Sachin Davé, in emerging markets; Jamie Durham, who advised the lead managers on a $350m sukuk; Jonathan Mellor, for equity-linked deals; Jonathan Melton and Adam Kupitz, for liability management; and the ‘peerless’ Simon Hill, who heads ‘the outstanding corporate trust team in the City’.
Emerging markets transactions are a focus for Clifford Chance’s David Bickerton, David Dunnigan and US-qualified John Connolly, who advise sovereign issuers, corporates and financial institutions. Highlights included a £600m debut bond issue for the Greater London Authority, a $500m debt buy-back for Barclays Bank, and a $500m issue by the Republic of Namibia (advising the lead managers). The firm also handled deals for ONO and Nordea. The ‘responsive, technically excellent’ Simon Sinclair is recommended, and ‘liability management guru’ Stewart Dunlop has returned to the London office.
Steven Revell’s team at Freshfields Bruckhaus Deringer LLP has ‘excellent partners who have done amazingly well building the bank-facing practice’, and handles a range of matters spanning standalone issues, MTN programmes, liability management, retail bonds and sukuks. Duncan Kellaway is highly rated, and Peter Allen is a ‘“go-to” man who stands out from his peers’. Also recommended are Doug Smith and the ‘first-rate’ Julian Makin, who are ‘excellent transaction managers – prompt, clear and commercial’; and the US-qualified Don Guiney and Sarah Murphy. The practice advised the lead managers on Evraz Group’s $850m notes issue, and Xstrata on a $3bn Yankee bond issue.
Noted for the ‘high level of commitment from senior partners’, Carson Welsh’s debt team at Linklaters LLP has many outstanding individuals including Richard Levy, who is ‘very responsive and astute – one of the best’; Francis Kucera, who brings ‘detailed knowledge and valuable experience’ to emerging markets deals; Keith Thomson, who is ‘far and away the most experienced lawyer for equity-linked advice’; Jasper Evans, ‘a market leader in corporate trust work’; the ‘highly rated’ Jane Brown; US-qualified Patrick Sheil; and Nigel Pridmore, who is a ‘thought leader’ in offshore renminbi bonds. Deal highlights included advising the lead managers on the $8bn issue of buffer capital notes issued by Credit Suisse Group, including contingent conversion features to meet new capital requirements regulations.
Ashurst’s team ‘takes pride in high quality’. Practice head Anna Delgado is ‘preferable to competitors for excellent service and technical expertise’; and Stephen Edlmann and Gordon Stewart are ‘technically very strong, and nurture client relationships’. Ray Fisher and Jennifer Schneck joined from Linklaters LLP, and have a thriving US private placement practice. Work included a £3bn MTN programme for Wm Morrison Supermarkets, and updating a €15bn programme for Bank of America Merrill Lynch.
Cleary Gottlieb Steen & Hamilton LLP’s ‘highly professional, creative and responsive’ team is valued ‘especially on sovereign bonds and restructurings’. David Gottlieb advised the Russian Federation on its $7bn Eurobond issue; and Simon Ovenden has been advising the Greek government on its bond exchange and debt buy-back programme. Pierre-Marie Boury and Raj Panasar represented managers including Goldman Sachs in relation to AIG’s $2.5bn notes issue.
Herbert Smith LLP’s partners provide ‘practical, timely advice’. The ‘knowledgeable, responsive and very good-value’ team is active in US private placements for corporates, and is building an investment bank presence on the back of its emerging markets and energy practices. Deal highlights included a $2bn bond issue for Alfa Bank. Peter Epp stands out for his ‘great negotiating skills’, while other key figures include Dina Albagli, Jake Jackaman and Steve Thierbach. The ‘hands-on and very knowledgeable’ Andrew Roberts joined from Linklaters LLP.
‘Outstanding in DCM’, and noted for its partner focus, White & Case LLP is ‘similar to the Magic Circle, but has expertise in some areas others do not’. Stuart Matty is ‘a first-class lawyer mixing technical knowledge with a personable approach’; Francis Fitzherbert-Brockholes is ‘able to propose solutions when it seems there are none’; rising star Kevin Ng has ‘unparalleled experience advising trustees’; Michael Doran is ‘responsive, commercial and practical’; and the ‘tenacious’ Andrew Weiler is ‘phenomenal for private placements’. Ian Clark and Michael Immordino joined from Latham & Watkins LLP. Key deals included a $50bn MTN programme for Intesa Sanpaolo.
Baker & McKenzie LLP delivers a ‘consistently strong performance’. Simon Porter is ‘one of the few real trustee experts in the City’, and recently acted for Akbank on a $500m issue. Also recommended are Adam Farlow and Christopher Hogan, along with the ‘pragmatic and effective’ Edward Bibko, who ‘does a good job of finding solutions in emerging markets’.
Jason Harding’s team at CMS Cameron McKenna LLP includes the vastly experienced Will Dibble and US securities expert Daniel Winterfeldt. Harding and Winterfeldt recently worked on a €500m bond issue for MFB Hungarian Development Bank.
Davis Polk & Wardwell LLP is ‘recognised globally as a leading firm, with very experienced practitioners’. Jeffrey Oakes and Paul Etienne Kumleben have ‘a very active and credible practice’, especially in Yankee bond matters. Oakes represented Eurohypo on a $10bn MTN programme, and Kumleben advised the joint managers on SABMiller’s $7bn issue.
An ‘exemplary firm’, Norton Rose LLP is noted for its ‘dedication, professionalism and expertise’ in emerging markets, retail bonds, and equity-linked and Islamic structures. Tak Matsuda is ‘excellent, and always tries to deliver to clients ’ expectations’; and Susan Mann is recommended for sovereign debt matters. Peter Noble focuses on Canadian issuers. Matsuda advised QBE Insurance on exchangeable notes issues of $1bn and £325m.
Sidley Austin LLP’s team, led by Stephen Roith, is ‘first class, intelligent, thoughtful and responsive’. David Howe, trustee expert Bart Capeci, Mark Walsh and Dorothee Fischer-Appelt ‘don ’t miss a thing’. Howe advised Olayan on Credit Suisse’s issue of $3.4bn buffer capital notes.
Through Charles Hawes, Ian Sideris, David Roylance and Sean Bulmer, Simmons & Simmons LLP provides ‘cutting-edge technical advice’. Highlights included a CNY700m issue for BP Capital Markets, and a $65bn EMTN programme for JPMorgan.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP is strong in emerging markets debt, with Bruce Buck active in Eastern Europe. James Healy and Danny Tricot advised Deutsche Bank on Melco Crown’s issue of $356m renminbi bonds. Tricot and Pranav Trivedi represented the managers on VimpelCom’s $2.2bn issue.
Slaughter and May provides ‘strong support’ to sovereigns, banks and corporates. The ‘very commercial’ Marc Hutchinson advised Unilever on its RMB300m debut renminbi bond issue, while Matthew Tobin advised REIT Derwent London on a £175m issue. Nilufer von Bismarck is ‘an expert on capital markets law and regulation’.
Robert Aulsebrook’s team at Akin Gump Strauss Hauer & Feld provides ‘a very focused service, like a boutique commercial firm but with full service’. Fred Heller is ‘excellent, especially in telecoms’. Key deals included a $1.5bn Eurobond issue for VimpelCom, and a $1.5bn convertible bond issue for Lukoil.
Arnold & Porter (UK) LLP’s focus on sovereign debt issuance saw it advise on 13 deals totalling $18bn in 2011. Jeremy Willcocks advised the Republic of Brazil on two issuances totalling $1.65bn, and also acted for hedge funds in relation to exchange offers made to holders of Greek bonds.
Berwin Leighton Paisner LLP’s Tom Church advised African Bank on a $2bn Euro MTN programme; and, with Mark Palley, advised regular client Tesco on renewing its MTN programme and issuing a €750m bond. The team was strengthened by the arrival of Simon Small from Ashurst and Richard Todd from Lloyds Banking Group.
Hogan Lovells International LLP’s team, led by David Hudd, attracts high praise from clients. Peter Kohl and James Doyle are popular with issuers, and Kit Johnson has an outstanding trustee practice. Kohl advised SABMiller on its $7bn US bond issue.
Latham & Watkins LLP ‘won ’t disappoint on emerging markets work’. Lene Malthasen, Jeffrey Lawlis and Antti Ihamuotila advised on $36bn-plus in debt offerings, including the first tender offer in Poland for Crédit Agricole, and Transnet’s $750m inaugural bond for underwriters including Barclays Capital.
Bernd Bohr’s arrival from New York adds extensive experience in US and European debt to Mayer Brown International LLP’s London practice. Bohr assisted Banque Centrale de Tunisie in a $500m Reg S offering, and Commerzbank on Sixt Aktiengesellschaft’s $250m issue.
Scott Cameron leads Reed Smith’s team, with Roy Montague-Jones ‘very good in equity-linked securities’ and Lucy Newcomb standing out for Eurobond deals. Cameron and Newcomb recently advised Abbey National Treasury Services on its warrant programme.
SNR Denton has ‘some real stars and excellent breadth of coverage, especially in emerging markets’. David Cohen is highly rated, and Matthew Sapte ‘would be a standout performer at any practice in the City’. They advised FirstRand Bank on its $1.5bn MTN programme.
Shearman & Sterling LLP’s ‘very responsive’ team includes Mei Lian, who is ‘sensible and pragmatic’; Richard Price, who is ‘very experienced in US securities’; and the highly rated Clifford Atkins and Jacques McChesney. The team advised the underwriters on HSBC’s $7.1bn global offering.
The ‘small, agile and very strong’ team at Weil, Gotshal & Manges represented CEZ on a £1bn Yankee bond issue. James Cole is ‘a very commercial lawyer with good management skills’.
Bingham McCutchen (London) LLP has ‘a deep bench of lawyers in the private placement market’. Barry Russell’s team includes the ‘practical and constructive’ Sarah Smith, and ‘goes the extra mile to deliver high quality at a reasonable price’. Highlights included a £100m senior note issue for Carillion.
The ‘service and advice are top class’ at DLA Piper UK LLP. Alex Tamlyn’s team includes David Eatough, who ‘brings legal experience into the commercial rationale’. Sharon E Smith advised Places for People on its first retail bond issue, raising £140m. George Barboutis joined from Dewey & LeBoeuf LLP, adding US capital markets expertise.
Field Fisher Waterhouse LLP’s Gonzalo Fernandez has a well-respected trustee practice. He advised dealer Jefferies International on a $10m issue, and China Essence Group on restructuring its HK$250m convertible bonds.
Gibson, Dunn & Crutcher LLP’s versatile team includes experienced lawyers Selina Sagayam, Gregory Campbell, who is dual UK/US qualified, and James Barabas. Clients include Valleres and Verne Holdings.
At Greenberg Traurig Maher LLP, Tim Jeveons is experienced in Reg S and Rule 144A deals, standalone Eurobonds, MTN programmes and regulatory capital issues. His recent work includes advising on debt finance matters relating to AstraZeneca’s $1.8bn sale of AstraTech.
Jones Day kickstarted its DCM practice with the hire of Drew Salvest from Mayer Brown International LLP. His recent work, while at his previous firm, includes advising Global Switch Holdings on a €600m bond issue.
K&L Gates LLP is ‘a strong firm with good reach’. Andrew Petersen’s ‘high reputation is well deserved – he keeps deals running smoothly’. Senior associate Diego Shin is ‘diligent, conscientious and thorough’.
Morrison & Foerster (UK) LLP has a ‘leading practice’ assisting on private placements into the US, with Brian Bates ‘excellent’ in that area. He recently advised Intertek on a $265m issue.
Simpson Thacher & Bartlett LLP’s Mark Brod and Nicholas Shaw advised PPL Corporation on its $960m Yankee bond issue.
Willkie Farr & Gallagher LLP’s John Ferraro and Nick Bugler recently advised insurer Aviva on a novel $400m offering into the US.